Monday, December 17, 2018

Elliott Wave Stock Market Update - December 17

The selling has continued and the 2532 low I mentioned last week was tested. Right now, it is a make or break time. If the 2530 low is unable to hold selling and support is broken convincingly then we should see the wheels come off this market and probably go into bear market territory in a matter of weeks. However, if bulls are able to keep 2530 as the floor then they have a chance for a rally to form a right shoulder of a multi-month Head and Shoulders with a target of 2872 for the next few weeks. What happens in the next few sessions will be crucial and could gives us an idea of where is 2019 headed. Personally, I am hoping for much lower lows so I can start buying stuff with the money I have been saving.

Short Term Trend = Bearish
Medium Term Trend = Bearish
Long Term Trend = Bearish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking

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